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The Florida Senate

2005 Florida Statutes

Section 737.405, Florida Statutes 2005

737.405  Third persons protected.--With respect to a third person dealing with a trustee or assisting a trustee in the conduct of a transaction, the existence of trust powers and their proper exercise by the trustee may be assumed without inquiry. The third person is not bound to inquire whether the trustee has power to act or is properly exercising the power. A third person without actual knowledge that the trustee is exceeding his or her powers or improperly exercising them is as fully protected in dealing with the trustee as if the trustee possessed and properly exercised the powers he or she purports to exercise. A third person is not bound to assure the proper application of trust assets paid or delivered to the trustee.

History.--s. 1, ch. 74-106; s. 10, ch. 75-221; s. 10, ch. 77-344; s. 1046, ch. 97-102.